HomeMy WebLinkAboutORD 1977-015 � ,,
THE STATE OF TEXAS X
COUNTY OF TARRANT � ORDINANCE No. 77-15
�a� CITY OF GRAPEVINE �
AN ORDINANCE PROVIDING for the issuance of City of Grapevine,
Texas, General Obligat�on Bonds, Series 1977, in the aggregate
amount of $1,550,000, for the purpose of making the within des-
cribed permanent public improvemenfis within and for the City;
prescribing the form of said bonds and the interest coupons to be
init�ially attached thereto; levying and requiring assessment and
collection of on annua) ad valorern tax on all taxable property
within the City to pay the int�eresi' on such bonds and to creafie a
sinking fund for the payment fhereof at maturifiy; enacting ofiher
pravisions relating to the subject; and declaring an emergency,
WHEREAS, the bonds hereinafter authorized were duly and favorabty voted,
as required by fihe Constitution and laws of the State of Texas, at elections held in
said Cifiy orr the 23rd day of November, 1971 and the 25th day of September, 1976;
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,�;,,,„ WHEREAS, at said ele�fiions, fihe following �r�ere among the purposes and the
amounts of genera! obligafiian bonds authorized, the amounts previously issued for said
purposes pursuant to the voted authorizations indicated, the amounts ther�from being
issued pursuont to this Ordinance, and the respective balances which remain uniss�ed
for the purposes indicated after the issvarrce of fihe bonds herein authorized, to-wit:
Election Amount Amount Amount Unissued
Dat� Voted Previously Issued Being Issued Balance
Street 1971 $ 900,000 $500,000 $100,000 �300,000
Waterworks 1976 i»�00,000 None 300,000 700,000
San. Sewer 1976 300,000 None 300;000 None
Golf Course 1976 750,000 None 750,000 Non�
Pol ice Station 1976 100,000 None 100,000 None
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WHEREAS, the City Council considers it in the best infierest of the City at fihis
�,,,y fiime to authorize fihe issuance and delivery of the amounts thus reflected, all in a single
issue, and all in accordance with the laws of the State of Texas and the Charter of the
' City.
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THEREFORE, BE 1T ORDAlNED BY THE C!N COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS:
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Section 1. That said Cifiy's coupon bonds fio be designated "City of
Grapevine, Texas, General Obligation Bonds, Series 1977," are hereby authorized
to be issued and delivered in accordance with fihe Constitution and laws of the State
of Texas and the Charter of the Cifiy, said bonds fio be issued in the aggregate principQl
amount of $1,550,000 for the purpose of providing funds with which to make the
following various perman�nt public improvemenfis for and witfiin the City and in the
following amounts: $100,000 out of the 1971 authorization for constructing improve-
menfis to the streets in said City, including necessary drainage in connection therewith;
$300,000 out of the 1976 authorization for improving and extending said city's water�
works system; $300,000 out of the 1976 authorization for improving and extending
said city's sanitary sewer sysfiem; $750,000 out of the 1976 authorization fio construct,
develop and equip a municipal golf course; and $100,000 out of the 1976 aufihorization
to acquire a site for and canstruct, improve and equip a police station, which police
station may include jail facilities.
Section 2. That said bonds shal) be dated March 15, 1977, shall be numbered
consecutively from One (1) through Seventy Eighf (78), wifih Bonds Nos. 1 fihrough 20
�, . being in the denomination of $5,000 each, and Bonds Nos. 21 through 78 being in the
denomination of $25,000 each, and shall mature and becorrre due and payable on
�,, � September 15 in each of the years, and in the amounts, respectively, as set forth
in the fallowing schedule:
BONDS NUMBERS MATURITY DATES AMOUNTS
1 through 3 1979 $ 15,000
4 through 7 1980 20,000
8 through 12 1981 25,000
13 through 20 1982 40,000
21 through 22 1983 50,000
23 through 25 1984 75,OOQ
26 fihrough 28 1985 75,'000
29 through 32 1986 100,000
33 through 36 1987 100,000
37 fihraugh 40 1988 100,000
41 through 44 1989 100,000
45 through 48 1990 100,000
49 through 55 1991 175,000
56 through 62 1992 175,000
`�°�`� 1993 200,000
63 through 70
71 through 78 1994 200,000
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Section 3. That as to all said bonds the City shall have the right and option
to redeem same prior to their scheduled maturities in whole, or in part, on September 15,
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1977, or at any time thereafter, for fihe principal amount plus accrued interest to the
date fixed for redemption.
At least thirty dceys before the date fixed for any such redemption, the City shai)
mail written notice of such redemption by registered mail, refium receipt requested, to
the paying agent, The Fort Worth National Bank, Forfi Worfih, Texas. By the date fixed
for any such redemption, due provision shall be made with the paying agenfi for the
paymenfi of the principal amount of the bonds to be so redeemed, plus accrued interest
thereon fio the date fixed for redempfiion. If the written notice of redemption is given,
and if due provision for payment is made, all as provided above, the bonds, which are
fio be so redeemed, thereby automatically shall be redeemed prior to maturity, and they
shall not be regarded as being outstanding except for fihe purpose of receiving the funds
so provided for such paymenfi.
Section 4, That said bonds shall bear interest from their date, until maturity
or redempfiion, at the following respective rates and for the periods indicated:
3-15-77 throug h 3-15-78 ------------- 6,75%;
3-16-78 through 9-15-78 -------------- 7,00°l0;
" 9-16--78 through 3-15-T9 ------------- 7,50%;
3-16-79 and thereafter _____________ 7.75%;
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with said infierest to be evidenced by interest coupons payable on March 15, 197$, and
semi-annually thereafter an September 15 and March 15.
Section 5. That the principal of and interesfi on soid bonds shall be payabfe to
bearer, in lawful money of fihe United States of America, without exchange or collection
charges to the bearer, upon presentation and surrender of proper bond or interesfi coupon,
at The Fort Worth Natianal Bank, Fort Worth, Texas, which place shal) be the paying
agent far said bonds,
Section 6, That each of said bonds and interest coupons shall be sigr,ed by
fihe imprinted or lithagraphed facsimile signature of the Mayor of said City and counter-
signed by the imprinted or {ithographed facsimil� signafiure of the City Secretary of said
City, and the official seal of said City shall be impressed or printed, or lithographed on
each of said bonds.
Section 7. That the form of said bonds, including the�form of Registration
Certificate of the Comptroller of Public Accounts of the Stafie of Texas to be printed
�'_� and endarsed an each bond, and fihe form of fihe interest coupons to be attached to �
said bonds, shall be, respectively, substantially as fol(ows:
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(FORM OF BOND)
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NO. �
UN IT�D S7ATES OF AMERICA
STATE OF TEXAS
COUNTY �F TARRANT
CITY OF GRAPEVINE
GENERAL OBLIGAT(ON BOND
SERIES 1977
On September 15 19 , the Cifiy of Grapevine, in the County of Tarrant,
State of Texas, pramises to pay to bearer the principa) amount of
DQLLARS
and to pay interest thereon, from the date hereof, until maturity or redemption, at the
following respectiv� dates and for the periods indicated:
3-15-77 thr'augh 3-T5-78 -�----------- 6.75%;
3-16--78 throvgh 9�15-�78 ------------- 7.00°l0;
°`` 9-16-78 through 3-15-79 ------------- 7.50°�0;
3-16-79 and thereafter -�---------- 7,75°�0;
`�' evidenced by interest coupons payable on March 15, 1978, and semi-annuolly there�
after on September 15 and March 15.while this bond is outstanding. The principal of
this bond and the interesfi coupons atfiached hereto shall be payable to bearer, in lawful
money of fihe United States of America, withaut exchange or collection charges to the
bearer, upon presentation and surrender of this bond or proper interest coupon, at The
Fort Worfih Nationa! Bank, Fort Worth, Texas, which place shall be the paying agent
for this issue of bonds.
This bond is one of a Series of coupon bonds dofied Marck 15, 1977, issued in
the principal amount of $1,550,000 for the purpose of providirrg funds with which to
make the following various permanerrt public improvements for and within the City and
in the following amounts: $100,000 for consfiructing improvem�nts to the sfireets in
said City, including necessary drainage in connection therewith; $300,000 for improving
and extending said city's waterworks syst'em; $300,000 for improving and extending
said cify's sanifiory sewer sysfiem; $750,000 to construct, develop and equip a municipa)
golf course; and $100,000 to acquire a site for and construct, improve and equip a
police station, which police station may include jail facilities.
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The bonds of this Series may be redeemed prior to their scheduled maturifiies,
� in whole, or in part, at the option of said City, on September 15, 1977, or at any
time thereafter, for the principal amounfi thereof plus accrued interest to the date
fixed for redemption, At least thirty days before the date fixed for any such
redemption the City shall cause wriften notice to be given to the paying ager�t.
By the date fixed for any such redemption, due provision shall be made with the
paying agent for the payment of the principal amount of the bonds to be redeemed,
plus accrued interesfi thereon to the date fixed for redemption. If the written notice
of redemption is given, and if due provision for such payment is rnade, all as provided
above, the bonds which are to be so redeemed, thereby automatically shall be
redeemed prior to maturity, and they shall not bear interest after the date fixed for
redemption, and shall not be regarded as being outstanding excepfi for the purpose
of receiving the funds so provided for such payment.
It is hereby certified and recited that the issuance of this bond and the Series
of which if is a part is duly authorized by law and has been authorized by a vote
of the prc+perly qualified electors of said City vofing at elections held for that purpose
within the City; tha� all acfs, cnnditions and fihings required fio be done precedent
to and in the issuance of this Series of bonds, and of this bond, have been properly
.� done and performed and have happened in regular and due time, form and manner
as require�l by law; fhat sufficier►f and proper provision for the levy and collection
�,._„ of taxes has been made which, when collected, shall be appropriatec! exclusively
fio the payment of this bond, and the Series of which it is a part, and to the payment
of the interest coupons heretc� attached as the same shall become due; and fihat fihe
tota) indebi�edness of said City, including the entire Series of bonds af which this is
one, does not exceed ar►y constitutinnal or stututory limitation.
In wifiness whereof, this bond and fihe interest coupons attached hereto have
been signed by the imprinted or lithagraphed facsimile signature of fih� Mayor of
said City and countersigned by the imprinted or lithographed facsimile signature
of the City Secretary of said City, and the official seal of said City has been duty
impressed, or prinfied, or lithographed on this bond.
Cifiy Secretary Moyor
City of Grapevine, Texos City of Grapevine, Texas
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(FORM OF REGISTRATION CERTiFICATE)
�� COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO.
I hereby certifjr thnt this bond has been examined, certified as to validity,
and approved by the Att�mey General of the Sfiafie of Texas; and that this bond
has been registered by fihe Comptroller of Public Accounts of the State of Texas.
Witness my signature and seal this
Comptrol er of Pu lic Accounfis of t e
State of Texas
(FORM OF INTEREST COUPON)
NO. � _
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O� 15, 19
� The City af Grapevi�re, in the Counfy of Tarr�nt, Stafie of Texms, unless due provision
has been made for the redemption prior to maturity of the bond to which fihis interest
� , coupon appertains, promises to pay to bearer the amounfi shown on this interest coupon,
in lawful money of the United States of America, wifihout exchange or colleetion
charges to tWe bearer, u�n presentafiion and surrender of this infierest caupon, at
The Forir Worth National Bank, Fort Worth, Texas, soid amount being interesfi due
thair day on the bond, bearing th� number hereinafter designated, of that issue of
City of Grapevine, Texas, General Obligafion Bonds, Series 1977, dated March 15,
1977. Bond Na.
City Secretary Mayor
Secfior� 8. Thafi� to provide for the payment of the debt service requirements on
the said bonds, beir,g (a) the infierest on said bonds, and (b) a sinking fund for their
redernpfiion at mafiurity or a sinking fund of 2°l0 (whichever amount shall be greater),
there shail be and there is hereby levied for the current year and each succeeding year
ther�fter while said bonds or interest fihereon shall remain oufstanding and unpaid, a
sufficient fiax on each one hundred dollars' valuation of taxable property in said City,
adequate ta pay such debfi service requirements, full allowance being made for
�,,� delinquencies and costs of callection; said tax shall be assessed and collecfied each
year and applied to the payment of the said debt service requirements, and the same
shall not be diverted ta any ofiher purpose. The taxes so levied shall be paid into a
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fund known as "Cifiy of Grapevine, Texas, General Obligation Bonds, Series i977,
�#�; Inferest and Sinking Fund," which is hereby established for the payment of the
obiigafiions herein authorized. The City Counci( hereby dec{c�res and covenants
thafi it wil{ provide and levy a fiax legally and fu11y sufficient for such bonds, it
having been determined fihat fihe existing and available taxing aufihorifiy of the
City for such purpose is adequate fio permit a legally sufficient fiax in considerafiion
of all other oufisfianding obligafiions.
S�ction 9. That said bonds are hereby sold in accordance with law and
shalt be delivered to The Fort Worth National Bank, Fort Worth, Texas, �or the
principal amount thereof and accrued. interest to the date of delivery.
Section 10. That the purchaser's obligation to accept delivery of the bonds
herein aufihorized is subject fio fiheir being furnished the final opinion of Hufichison,.
Price & Boyle, Dallas, Texas, Bond Counsel for the City, such opinion approving
such bonds as fio their validifiy, said opinion to be dated and detivered as of i-he
dafie of delivery and paym�nt for such bonds. Printing of a true and correct copy
of the opinion of Hufich;son, Price 8� Boyle on fihe r�verse side of each such bond,
with appropriate certificate pertaining therefio executed by facsimile signature of
fihe City Secrefiary of the Cifiy is hereby approved and authorized.
Secfiion il, Thaf the Mayor of the City is hereby autharized to have
`� 9 control of said bonds and all necessary records and proceedings pertaining to said
bonds pending fiheir delivery and their invesfigafiion, examinQtion, and approva)
by the Afitamey General of the State of Texas, and fiheir regisi'ration by the Compfiro{fer
of Public Accounts of the State of Texas. Upon registrafion af said bonds, said
Camptroller of Public Accounts (or a deputy designated in writing fio act for said
Comptroller) shall manually sign the Comptroller's Regisiration Certificafie prescribed
herein to b� prinfed and endorsed on each bond, and the seal of said Comptraller
shall be impressed, or printed or lithographed on each of said bands.
Section 12. That the proceeds derived from the sale of fihe bonds herein
authorized sha11 be ufiiiized prompfly for fihe purposes for which issued; and such
proceeds shal{ be invested only for the temporary period pending such use; and in
no event sha11 any investments of such proceeds be made in securities of such type
or kind or for such period of time or bearing such rates of interesfi on producing
such yield, and no ofiher act or action sha11 be taken by the City, as wilt cause
said bonds to be treated as "Arbitrage Bonds" within fihe meaning of Section 103(d)
of the Intema! Revenue Code of 1954, as amended, or under any Regulations or
Rulings issued fihereunder by the Department of the Treasury, or fihe Internal Revenue
"`�" Servic� of the United State�.
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Secfiion 13. That the form and substance of the Official Statement, dated
March 22, 1977, and presented fio and considered at this meefiing, is hereby in all
respects approved and adopfied by the City Council, and the Mayor and the City
Secretary are hereby authorized and directed to execufie the same and to del iver
appropriate numbers of executed copies thereof to the purchasers of the bonds
herein authorized and described therein, The City Secretary is hereby authorized
and directed to include and maintain a copy of the Official Statement thus approved
among the permanent records of this meeting.
Section 14. That the public importance of this measure and the fact that
it is to the best interest of the City to provide funds for the construction of the
improvements herein contemplated af the earliest possible date constitutes an
emergency and creates a necessity for the immediate preservation of the public
peace, health and safety of the cifiizens of the Cifiy, which requires that this
ordinance be passed and take effect as an emergency measure, and ifi is accordingly
ordained that this ordinance shall be in full force and effect from and after its
passage, and that the meeting at which this ordinance was passed was o�a�n to the
publ ic, and publ ic notice of the time, place, and purpose of said meeting v,ras given
as required by Article 6252-i7, VoT.C.S., as amended.
� � PASSED AND APPROVED this the 22nd day of March, 1977.
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Mayor, City of Grapevine, Texas
ATTEST:
City Se retar Ci y of Grapevine' Texas
APPROVED AS TO LE ITY:
(SEALI
i ty ttorney
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